Hana, POSCO Intl, Dunamu sign blockchain remittance MOU

Hana Financial Group, POSCO International, and Dunamu signed a memorandum of understanding this week to develop a blockchain-based cross-border remittance system, aiming to enable real-time transactions using actual commercial flows. The agreement was formalized Tuesday at Hana Financial Group's headquarters in Seoul, with key executives including Hana Vice Chairman Lee Eunhyung, POSCO International President Lee Kyein, and Dunamu CEO Oh Kyungseok in attendance.

The partnership builds on a proof-of-concept project completed earlier this year by Hana Financial Group and Dunamu, which tested the viability of replacing the traditional SWIFT network with Dunamu's GIWA Chain blockchain. Under the SWIFT system, payment instructions and fund settlements occur in separate steps, often leading to delays and higher costs. The new platform merges these processes into a single, real-time operation, promising faster and more efficient cross-border payments.

Each company has a designated role. POSCO International, which handles around 40,000 overseas remittances annually across 51 countries, will apply the system to its real-world trade transactions as the initial use case. Hana Financial...